The chief executive of So Energy is stepping down after two years in the role, while its co-founder Simon Oscroft is stepping up as interim chief executive.
Monica Collings took on the position in August 2021 after Irish power supplier ESB acquired a more than 75% stake in the disruptor brand, bringing the two companies together.
At the time Collings was the managing director of ESB Energy and former joint chief executive of Vattenfall’s retail business.
In a post on LinkedIn, she said: “In a world of perpetual change, I’d like to share that I shall be moving on from So Energy.
“Looking back on my time with the business fills me with a great sense of pride and gratitude. Supported by ESB as majority shareholder and the most wonderful team of colleagues, I initially led ESB Energy before overseeing the merger with So Energy. From there, despite unprecedented volatility during the energy crisis, So Energy came through the crisis when others did not, and is now well positioned for the next stage of its journey.
“It has been a great privilege to lead an organisation that has been such a huge part of my life. In terms of what next, more to follow on that.
“For now, I’d like to extend my sincere thanks to the entire team of Energists and partners who have been on the journey with me for your incredible hard work and commitment and for what we have achieved together. A new chapter awaits.”
Oscroft said: “I’d like to thank Monica Collings for her all her effort in supporting the business through unprecedented times following the merger with ESB Energy. Everyone at So Energy wishes you the very best for your next endeavours.
“As of today, I will become interim CEO of So Energy as we are now coming out of the worst of the energy crisis and in a strong position to support our customers. I’m looking forward to working with our colleagues to deliver our mission in helping customers on their journey to net zero with outstanding service.
“Going into 2024 we are growing our customer base, we have exciting new customer products on the horizon, and we are uniquely positioned as one of the last remaining challenger suppliers to shape the future of energy.”
So Energy was formed in 2015 by childhood friends Simon Oscroft and Charlie Davies and following the merger with ESB, its customer base surpassed 300,000 customers.
Late last year the company revealed that it was seeking additional funding due to the extreme market volatility and was thought to have appointed Interpath Advisory to help it raise around £50 million within two years.
In December it called off its search, with Oscroft saying that due to the fact conditions had become more stable, and that majority shareholder ESB was continuing to back the supplier, it was no longer seeking additional funding.